What options do I have to prevent a foreclosure in Louisiana?

An experienced Louisiana foreclosure attorney can advise you on how to stop foreclosure in Louisiana. Foreclosure can be very frightening. It is the worst thing that can happen to a homeowner. Foreclosure occurs when the homeowner defaults in making the monthly payments. It does not happen immediately after the first missed payment. Generally lenders will not initiate the foreclosure process unless you miss three or four payments.

If you have missed your monthly payments and are facing foreclosure, it is important that you negotiate with your lender. Explain to your lender the reasons for your default. Based on your financial conditions, the lender may be able to assist you avoid foreclosure. The lender can offer you a loan modification program. The lender will change the terms of the loan to make the monthly payments affordable to you. If your financial difficulties are temporary, then your lender can suspend the monthly payments until your situation improves.

If you feel you are better off selling the home, then you can approach the lender for a short sale. In a short sale, you sell the home at the current market value and hand over the proceeds to the lender who will then cancel your loan obligation.

If you do not qualify for a loan modification program or you cannot go in for a short sale, then you can consider filing for bankruptcy. If you file for bankruptcy under Chapter 13, you will be able to retain your home if you make payments according to your payment plan.  

Talk to an experienced Louisiana foreclosure attorney to know your options to stop a foreclosure in Louisiana.